EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted

average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.

A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:

	Three months ended June 30,						Six months ended  June 30,
(In thousands except per share data )	2011			2010			2011			2010
Net income available for stockholders:	$	73,165		$	31,602		$	138,689		$	45,002
Less:  Dividends paid
Common stock		(10,261	)		(3,865	)		(20,432	)		(7,730	)
Restricted shares of common stock		(65	)		(66	)		(248	)		(137	)
Undistributed earnings	$	62,839		$	27,671		$	118,009		$	37,135
Allocation of undistributed earnings:
Common stock	$	61,558		$	27,091		$	115,603		$	36,357
Restricted shares of common stock		1,281			580			2,406			778
Basic shares outstanding:
Common stock		142,178			141,812			142,060			141,689
Restricted shares of common stock		3,037			3,179			3,055			3,206
		145,215			144,990			145,115			144,894
Diluted shares outstanding:
Common stock		142,178			141,812			142,060			141,689
Dilutive effect of options		1,627			1,136			1,869			1,329
		143,805			142,947			143,929			143,018
Restricted shares of common stock		3,037			3,179			3,055			3,206
		146,842			146,126			146,984			146,223
Basic earnings per share:
Common stock:
Distributed earnings	$	0.07		$	0.03		$	0.14		$	0.05
Undistributed earnings		0.43			0.19			0.82			0.26
	$	0.50		$	0.22		$	0.96		$	0.31
Restricted shares of common stock:
Distributed earnings	$	0.02		$	0.02		$	0.08		$	0.04
Undistributed earnings		0.42			0.18			0.79			0.24
	$	0.44		$	0.20		$	0.87		$	0.28
Diluted earnings per share:
Common Stock:
Distributed earnings	$	0.07		$	0.03		$	0.14		$	0.05
Undistributed earnings		0.43			0.18			0.80			0.26
	$	0.50		$	0.21		$	0.94		$	0.31